Bitcoin (BTC) Still on Track for $200,000 But This Must Happen First (Analyst)
TL;DR
- Bitcoin (BTC) bounced after Trump’s tariff freeze, triggering predictions of a major rally to new highs.
- One popular analyst thinks a breakout above a key level could lead to a massive pump above $200K.
BTC Has Yet to Fly?
The primary cryptocurrency did not start the business week on the right foot, experiencing a major pullback below $75,000 after the trade war between the USA and the rest of the world intensified with the implementation of additional tariffs.
However, on April 9, US President Donald Trump enacted a 90-day freeze on most new tariffs. The reciprocal rate was reduced to 10% for over 75 countries that have recently sought to renegotiate better terms with America. In the aftermath, bitcoin soared past $83,000 before slightly retracing to the current $81,800 (per CoinGecko’s data).
The resurgence garnered the attention of numerous analysts who made optimistic predictions for the near future. The X user Ali Martinez believes a breakout above $86,900 could be a precursor of a major rally to a new all-time high of $208,550.
He added that based on the Mayer Multiple indicator, BTC could find solid support at approximately $69,500. The metric, developed by Trace Mayer, compares BTC’s current price to its 200-day moving average and helps traders determine whether the asset is overvalued or undervalued.
Another industry participant forecasting a price explosion for the leading digital asset is Merlijn The Trader. They spotted the potential breakout of a falling wedge pattern, suggesting a jump above $100,000 might come next.
What Are Other Indicators Signaling?
According to CryptoQuant’s data, BTC’s exchange netflow has been negative in the past month. This suggests a shift from centralized platforms toward self-custody methods, which could be interpreted as a bullish factor since it reduces the immediate selling pressure.
On the other hand, bitcoin inflows into Binance have increased over the last two weeks. The analysis platform assumed that the influx could be connected to investor caution in anticipation of the US Consumer Price Index (CPI) report, scheduled for release today (April 10).
Such transfers may be a precursor of a possible sell-off and a subsequent price decline for BTC. Nevertheless, CPI data typically has a brief impact on the asset’s price while Martinez’s prediction is aimed more at the medium-term.
The post Bitcoin (BTC) Still on Track for $200,000 But This Must Happen First (Analyst) appeared first on CryptoPotato.
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Bitcoin Price Erases Daily Gains as Fed Chair Powell Highlights Tariff Risks
Bitcoin (BTC) Still on Track for $200,000 But This Must Happen First (Analyst)
TL;DR
- Bitcoin (BTC) bounced after Trump’s tariff freeze, triggering predictions of a major rally to new highs.
- One popular analyst thinks a breakout above a key level could lead to a massive pump above $200K.
BTC Has Yet to Fly?
The primary cryptocurrency did not start the business week on the right foot, experiencing a major pullback below $75,000 after the trade war between the USA and the rest of the world intensified with the implementation of additional tariffs.
However, on April 9, US President Donald Trump enacted a 90-day freeze on most new tariffs. The reciprocal rate was reduced to 10% for over 75 countries that have recently sought to renegotiate better terms with America. In the aftermath, bitcoin soared past $83,000 before slightly retracing to the current $81,800 (per CoinGecko’s data).
The resurgence garnered the attention of numerous analysts who made optimistic predictions for the near future. The X user Ali Martinez believes a breakout above $86,900 could be a precursor of a major rally to a new all-time high of $208,550.
He added that based on the Mayer Multiple indicator, BTC could find solid support at approximately $69,500. The metric, developed by Trace Mayer, compares BTC’s current price to its 200-day moving average and helps traders determine whether the asset is overvalued or undervalued.
Another industry participant forecasting a price explosion for the leading digital asset is Merlijn The Trader. They spotted the potential breakout of a falling wedge pattern, suggesting a jump above $100,000 might come next.
What Are Other Indicators Signaling?
According to CryptoQuant’s data, BTC’s exchange netflow has been negative in the past month. This suggests a shift from centralized platforms toward self-custody methods, which could be interpreted as a bullish factor since it reduces the immediate selling pressure.
On the other hand, bitcoin inflows into Binance have increased over the last two weeks. The analysis platform assumed that the influx could be connected to investor caution in anticipation of the US Consumer Price Index (CPI) report, scheduled for release today (April 10).
Such transfers may be a precursor of a possible sell-off and a subsequent price decline for BTC. Nevertheless, CPI data typically has a brief impact on the asset’s price while Martinez’s prediction is aimed more at the medium-term.
The post Bitcoin (BTC) Still on Track for $200,000 But This Must Happen First (Analyst) appeared first on CryptoPotato.
Read More